Air Liquide, Air Products Team to Buy BOC

France’s Air Liquide, the largest producer of industrial gases, and Air Products & Chemicals Inc. of the U.S. said they have reached agreement to jointly acquire British rival BOC Group for $11.2 billion. The deal would strengthen the two buyers’ positions in the business of supplying carbon dioxide and other gases needed to put the fizz in soft drinks, chill imported fruits and vegetables and manufacture high-quality steel. The cash deal is worth $23.36 a share, a 42% premium over BOC’s closing price of May 10, when speculation about the deal began. Shares in Air Liquide and BOC fell in Europe amid concern about regulatory hurdles, but Air Liquide and Air Products both said they expect the deal to secure the necessary regulatory approvals within six months. BOC is the world’s second-largest producer of industrial gases. Air Products, based in Trexlertown, Pa., is fourth. Under the deal, BOC’s British and Irish assets would go to Air Liquide and its Australian and New Zealand assets to Air Products. BOC’s Asian and U.S. assets would be divided between the buyers. Final decisions on which buyer would keep assets in which geographic areas may depend on regulatory concerns. Air Products’ shares rose 5 cents to close at $41.50, while BOC Group’s shares fell 63 cents to close at $41.94, both on the New York Stock Exchange. Air Liquide’s American depositary receipts fell 50 cents to close at $31 in over-the-counter trading.